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Heat olive oil in 12” skillet over medium-high heat. Add beef; cook, breaking up with wooden spoon, until browned, about 6 minutes. Transfer beef to plate; drain and discard but 1 tbsp. fat from pan; reheat pan over medium heat. Add ham; cook, stirring occasionally, until ham is golden brown, about 4 minutes. Add tomato sauce, Sofrito, garlic, sugar, cumin, oregano, and Sazón to pan; cook until tomato sauce mixture begins to bubble. Stir in reserved beef, olives, ¼ cup cilantro and Adobo. Simmer, stirring occasionally, until sauce thickens and flavors come together, about 8 minutes more. Stir in remaining cilantro.
Meanwhile, cook spaghetti according to package instructions; strain pasta, reserving 1½ cups pasta water. Add spaghetti and reserved pasta water to skillet with sauce over medium-high heat. Using tongs, toss spaghetti with sauce until well combined and sauce coats spaghetti, about 3 minutes. Serve with Parmesan cheese.